Acumen is a nonprofitimpact investment organization that uses patient capital to invest in companies, leaders, and ideas that aim to reduce poverty and expand access to essential services in low-income communities. Founded in 2001, Acumen operates primarily inAfrica, South Asia, Latin America, and the United States.
Acumen is known for pioneering the concept of patient capital, a form of long-term investment that seeks to balance social impact with financial sustainability. In addition to its investment activities, the organization runs leadership development programs through Acumen Academy.
History
Acumen was founded in 2001 by Jacqueline Novogratz, a former banker and development professional, in response to perceived limitations in both traditional philanthropy and market-based approaches to poverty alleviation. The organization was established to test whether long-term, risk-tolerant capital could support enterprises serving low-income populations while achieving modest financial returns.
In its early years, Acumen focused on investments in healthcare and water access in South Asia and East Africa. Over time, it expanded its geographic footprint and sector focus, incorporating areas such as agriculture, clean energy, education, and workforce development. Acumen has also played a role in shaping the broader field of impact investing through research, public speaking, and partnerships.
Mission and Philosophy
Acumen’s stated mission is to solve the problems of poverty and build a world based on dignity by investing in sustainable businesses, leaders, and systems. The organization emphasizes dignity, long-term thinking, and moral leadership as central to its approach.
A core element of Acumen’s philosophy is the belief that neither markets nor aid alone are sufficient to address systemic poverty. Instead, Acumen positions patient capital as a hybrid approach that combines the discipline of markets with the values of philanthropy.
Investment model
Acumen deploys patient capital in the form of equity, debt, and other financial instruments. These investments are typically long-term, with below-market or risk-adjusted return expectations, and are targeted at early-stage or growth-stage enterprises serving low-income customers.
In addition to providing capital, Acumen often offers strategic support to portfolio companies, including governance assistance, operational guidance, and connections to networks of partners and investors. Social impact is assessed alongside financial performance using internally developed impact measurement frameworks.
Focus Areas
Acumen’s investments have historically concentrated on sectors that provide essential goods and services to underserved populations, including:
Agriculture, particularly smallholder farmer livelihoods and food systems
Clean energy, including off-grid and productive-use energy solutions
Healthcare, with a focus on affordability and access
Education and workforce development, especially skills linked to employment outcomes
The organization periodically updates its sector priorities based on regional needs and market conditions.
Programs and funds
Investment Funds
Acumen manages multiple sector- and region-focused investment funds that deploy patient capital into early-stage and growth-stage social enterprises. These funds typically invest in areas aligned with Acumen’s mission, including agriculture, clean energy, healthcare, education, and workforce development.
Some funds are structured to focus on specific geographies or thematic priorities, such as climate resilience, energy access, or gender inclusion. Capital is provided through a mix of equity, debt, and other financial instruments, with an emphasis on long-term sustainability rather than short-term returns. Acumen has also sponsored returnable funds that include ACAP, KawiSafi Ventures, ARAF and ALIVE.
Acumen Academy
Through Acumen Academy, the organization runs leadership development programs aimed at social entrepreneurs and professionals working to address poverty and inequality. These include fellowship programs that combine in-person convenings, curriculum-based learning, and peer networks.
Acumen Academy also offers shorter courses and open-access educational content focused on moral leadership, systems thinking, and social innovation. Programs are delivered globally, with cohorts in regions including Africa, South Asia, and Latin America.
Accelerators and Sector-Specific Programs
In addition to its core investment activities, Acumen runs accelerator and support programs targeted at specific sectors or challenges. These programs typically provide a combination of technical assistance, mentorship, and access to capital for early-stage enterprises.
Sector-specific initiatives have included programs focused on energy access, agricultural livelihoods, and inclusive education, often implemented in partnership with philanthropic foundations, development agencies, or corporate partners.
Hardest-to-Reach Initiative (H2R)
In 2023, Acumen launched an initiative, called the 'Hardest-to-Reach Initiative', to electrify 70 million people in sub-Saharan Africa through the use of solar energy.[1][2] The initiative will support off-grid solar companies through innovative finance including loans and grants.[3] In September 2025, the company announced it had received $250 million of funding including from Green Climate Fund, Shinhan Bank, Nordic Development Fund, British International Investment, Swiss Agency for Development and Cooperation (SDC[4]) and Soros Economic Development Fund.[1][3]
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